Historic $24 Million Investment in JumpStart Expected to Create Hundreds of Jobs in Cleveland
What do companies like CoverMyMeds, Embrace Pet Insurance, CardioInsight and Catacel have in common? All are thriving businesses that got off the ground with help from JumpStart, the Cleveland-based national nonprofit that provides entrepreneurial resources and supports scaleups with the goal of economically transforming entire communities.
And now, thanks to a partnership between KeyBank and JumpStart, successfully starting a business in Ohio and New York may be a bit easier.
The partnership, aptly named the “KeyBank Business Boost & Build Program, powered by JumpStart,” is designed to stimulate economic growth and workforce development by fostering small business success in communities across Ohio and upstate New York.
Although Key has supported JumpStart for more than a decade, this partnership represents a stronger commitment than ever before. At $24 million, the four-year KeyBank Foundation grant is the largest in its history, at more than six times the amount of any past gift.
“Key has been our most significant single corporate partner in our 13-year history in terms of funding, board leadership and community engagement,” said Ray Leach, CEO of JumpStart. “This expanded partnership will dramatically increase the impact of entrepreneurs and small businesses on neighborhoods and communities, and also help us reach our shared goal of increasing the participation of minorities and women in the growth of these companies.”
KeyBank CEO Beth Mooney says the gift is directly aligned with Key’s purpose of helping clients and communities thrive.
“This expansion of our relationship with JumpStart is purpose in action,” said Mooney. “We are committed to being both a responsible bank and a responsible citizen, and we accomplish this by improving access to education and career opportunities, lifting neighborhoods up, fostering innovation, creating pathways to home and business ownership, and encouraging community engagement, diversity, and inclusion.”
“Very simply, the KeyBank Foundation is focused on people and neighborhoods,” added Margot Copeland, CEO and chairman of the KeyBank Foundation. “The size and scope of the KeyBank Business Boost & Build Program shows just how committed we are to the future of our communities. Together, we are working to economically transform neighborhoods from the ground up.”
Kip Clarke, Key’s Cleveland market president, says the program’s focus on job creation is exactly what Cleveland and other communities need.
“Whether it’s East Side, West Side or Downtown, we need to bring economic opportunity to all of our city’s neighborhoods and that’s what this program will do,” said Clarke. “It will provide support and structure for individuals, entrepreneurs and small business owners, create thousands of jobs across Ohio and in New York, and prepare students for careers in the growing technology, service and manufacturing industries.”
Specifically, the program is based on a five-pillar initiative which will:
- Accelerate the growth of more than 2,500 small businesses and micro-enterprises – the majority of which will be women or minority-owned businesses
- Accelerate the growth of more than 2,000 tech startup and scaleup companies
- Create a minimum of 5,350 jobs
- Provide support for participation in the tech economy by meeting business needs or enabling workforce training for 1,000 individuals
- Connect 800 individuals to job opportunities
- Prepare more than 1,000 high school graduates to enter the workforce
Together, KeyBank and JumpStart will accomplish their goals by:
- Establishing the KeyBank Center for Technology, Innovation and Inclusive Growth to serve individuals and businesses across Ohio
- Providing small business technical assistance in Cleveland as well as in the New York cities of Buffalo, Rochester, Syracuse and Albany
- Offering technical assistance and grant/equity capital for technology startup and scaleups
- Facilitating vocational education and workforce training for students in Cleveland
The “KeyBank Business Boost & Build Program, powered by JumpStart” grant and initiative supports KeyBank’s $16.5 billion National Community Benefits Plan, which established a $175 million philanthropic commitment.